As others have noted, you could do both. You can both go for the academic degree(s) and do the practice too. The academic part will give you a better understanding of the doctrines, concepts, history, etc which can definitely be an aid to practice.

As far as career opportunities, I think those will be quite limited with an M.A. in Buddhist studies. You could of course teach, be a monk or Buddhist priest or other clergy title, but as far as other mundane titles in the work force, I'm afraid they won't see that degree as much use. You could continue on to a Ph.D. in Buddhist studies and that would open more opportunities in universities, but not much, if anything beyond that.

The U.S. military now has a sizable number of soldiers who are Buddhist, so they occasionally recruit Buddhist chaplains and commission them as officers. The pay and benefits are very good. I think the minimum requirements are at least a bachelor's or master's in Buddhist studies.

Thank you, DNS. Your insight is very much appreciated..

After a bit of soul-searching, number-crunching and chin-wagging, I've decided to not pursue with the MA for the time being. Sincerest thanks to everyone in this thread for all your advice and insight. Your help is most appreciated. I'll return to my little hole now and continue lurking.